Bitcoin has already proven to have many uses and almost every industry has somewhat changed because of it. For the past couple of years, key stakeholders of the crypto and travel industry have claimed that the travel industry is the next big thing for cryptocurrency applications.
Cryptocurrency and the travel industry do seem to be a good match. There are already companies that use it to their advantage and the advantage of the everyday user. Features provided by cryptocurrency payments work very well with the needs of the tourism industry and more may come up in the years to come.
Accessibility and Inclusivity
Bitcoin can be used anywhere in the world and it doesn’t require the infrastructure of traditional fiat currencies. This makes it inclusive and accessible to users regardless of where they are from and where they are traveling.
The transfers are seamless and less expensive since there are no third parties to charge fees or currencies to exchange. This is especially useful to those who don’t have clear and defined travel plans. Cryptocurrency payments allow tourists to take detours or unplanned stops and still manage all their transactions with ease.
Security and Anonymity
Payments made with Bitcoin are anonymous. There’s no need to provide any government-issued document in order to use cryptocurrency. This is one of the most important features that the tourism industry is looking to gain from allowing cryptocurrency payments.
As the crypto casino industry gets more regulated, some businesses are implementing what’s known as the “know your customer policy”. It may require the users to provide their name to a business when using their services or buying their products, but this is still far from the norm.
The use of Bitcoin in casinos allows travelers to gain access to other services and goods when traveling. For instance, traveling to a country with loose gambling laws may allow tourists to gain access to some of the best crypto & Bitcoin casinos. Since all the payments are made in crypto the tourists can use their winnings right away and without the need to provide any IDs.
This is part of an overall trend in the travel industry. The travel agencies are selling a full experience of visiting a foreign country including every indulgence that it has to offer.
Using crypto as a payment method is a great way to cut travel costs. A lot of those costs are fees and regulatory expenditures. There are no such expenses when paying in crypto due to the decentralized nature of the service.
Low-cost travel has long been the trend in the industry. The use of cryptocurrency as a main payment method can mean a lot in making travel affordable for a much wider pool of customers. As more industries and businesses start accepting Bitcoin as a payment option, there will be more opportunities to save.
Safety and Security of Transactions
The use of cryptocurrencies can greatly improve security and deal with fraud in the travel industry. The details of a transaction made with cryptocurrency can be written in the code of the blockchain itself. That way the transaction only takes place when the terms of the agreement are met.
This can play a big role when it comes to booking any service or making any reservation, but most of all it will find its implementation in the hospitality industry. The travelers can therefore be assured that they’ll get the service they paid for.
Real-world Use Cases
Bitcoin is already used in the travel industry and it’s widely accepted by companies that want to be on the cutting edge of tech development in their field. Customers have also widely accepted the use of cryptocurrencies in the travel industry and it will soon become the norm.
Many airlines and local casinos have already accepted Bitcoin as a payment method when it comes to ticket booking. In most cases, the process works the same as when you book a flight and pay for it with fiat currency. The only difference is that the transfers are made right away.
It’s also possible to use blockchain technology and go the extra step when booking a flight with crypto. The terms of the deal can be written into the cryptocurrency code itself and therefore the transaction is completed automatically once the customer uses the ticket.
Accommodation and Hospitality
The accommodation and hospitality industry accepts the use of Bitcoin. It’s used to provide seamless and fast micro-transactions. This is especially well suited to the hospitality industry. There are countless small services that a tourist can pay for or opt out of during the course of their stay.
Bitcoin also allows tourists to use all the services without providing any personal information except an email address. It’s an important feature for those who care about safety, but also anonymity online, which is becoming increasingly prescient.
Smart contracts backed by blockchain are also very widely used with rentals. It provides features like automated check-ins, security deposits held in cryptocurrency, and automatic refund processes. All of the terms of these complex contracts are written into the code of the blockchain itself. The payments are issued automatically when the terms are met.
Travel Agencies and Tour Operators
Travel agencies and tour operators were among the last to accept Bitcoin as an alternative method. Larger companies working in the travel industry were there first and travel agencies followed along. It’s proven to be beneficial for both the agencies and the tourists.
The industry often deals with an international customer base and Bitcoin has proven to be a great way to level the playing field. It’s accepted worldwide and cryptocurrency doesn’t depend on centralized financial institutions such as national banks.
Cryptocurrencies also allow for innovative promotional and marketing techniques. For instance, it allows users to accumulate promotional tokens or points and use them to get discounts and deals. This process is automated and adaptive when backed by blockchain technology.
Blockchain and cryptocurrencies are already widely accepted but chances are it will become even more common in the years to come. The travel industry as well as all the associated industries will adapt and provide new services in accordance with that change.
The industry will also find a way to adopt the innovations in virtual and augmented reality. This is already happening as these technologies have advanced greatly in recent years.
Cryptocurrency ATMs are pretty rare now, but it’s expected to change. It will happen in tourist centers first and foremost as Bitcoin has become a currency for travelers.
Cryptocurrencies are used in all industries now as a payment method, but there are some fields that are uniquely suited to them. Travel and tourism have proven to be one of those. The hospitality industry and entertainment which are closely connected to travel are also using Bitcoin and benefiting from its features.
The industry makes use of anonymity and speed which are easily provided by blockchain technology. It also makes it easier to automate payments and to keep many parties involved in the travel industry – to their obligations. Chances are that Bitcoin will get even more integrated into the industry in the years to come. Same goes for the crypto casinos where you can bet even wile travelling.